Amazon Stock Poised for Potential Doubling by 2030

Amazon's stock has a real shot at doubling over the next four years, according to analysts. To achieve this, Amazon needs to compound earnings at 20% per year. The company's trailing 12-month operating margin climbed to 12.7%, up from 6.5% in 2023, indicating real leverage as revenue grows faster than operating expenses.

Non-retail services, including AWS, are driving Amazon's growth. In the second quarter of 2026, revenue from non-retail sources grew 24% year over year to $124 billion. AWS is a key driver, with its revenue rising 37% year over year in Q2 2026 to $42 billion. Demand for cloud services and AI compute has CEO Andy Jassy bullish about AWS's trajectory.

The company's custom chips, such as Trainium and Graviton, are generating more than $25 billion in annualized revenue and growing at triple-digit rates. This can lower costs for customers and lift AWS margins.